The FTC is investigating major US oil companies for potential collusion with OPEC on oil market dynamics.
The US Federal Trade Commission (FTC) is investigating major oil companies, including Hess Corp., Occidental Petroleum Corp., and Diamondback Energy Inc., for potential improper communication with OPEC officials. FTC investigators are looking for evidence of executives attempting to collude on oil market dynamics, particularly on pricing and output, which could be illegal under US antitrust laws. This probe is part of a larger investigation into merger reviews within the oil and gas sector, particularly in the Permian Basin.
July 19, 2024
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